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cAN OPEN LETTER 
TO OTTO T. BANNARD, ’76 
FROM ‘PRESIDENT ANGELL 


YALE UNIVERSITY 
NEW HAVEN CONNECTICUT 


OFFICE OF THE PRESIDENT 


February 16, 1926. 


My dear Mr. Bannard: 


N accordance with your request and my promise, I write 

to outline the situation which has compelled Yale to 

_ seek additional endowment of $20,000,000. I am attach- 

ing to this letter a budgetary statement covering the proposed 

allocation of this fund to the different branches of the Uni- 
versity. 


Yale has before it the opportunity to render an educational 
setvice of incalculable value to our country. Our student 
body represents the soundest strains in American life. Our 
faculties, already distinguished, have been recruited in the last 
few years with outstanding scholars and scientists, and the 
teaching has never been better. During the past six years we 
have received notable additions to our physical resources. 
While we still have important building needs, it is safe to 
say that the average Yale student of today, particularly in the 
College, the Scientific School and the Freshman Year, has the 
use of dormitory accommodations, physical training quar- 
ters, classroom and laboratory facilities far beyond those avail- 
able for the student in any previous period in Yale’s history. 


A 
Magnificent 
Educational 
Opportunity. 


An Unsound Unfortunately, we are prevented by the insufficiency of our 
Fiscal endowment from taking full advantage of our educational 
Situation. opportunity. Due to the growth of our student body and fac- 
ulty and the generally increased cost of living, our annual 
expenditures since the War have mounted far more rapidly 
than the income from our endowment. We must increase 
our endowment sufficiently to enable us to straighten out this 
situation and to finance a comprehensive program for bring- 
ing every department of our work up to the highest standard — 
of educational excellence. 

In 1919 our student enrollment, due to the War, was only 
2416. In 1925 our student body numbered 4445, an increase 
of about eighty-four per cent since the War, and an increase 
of thirty-three and one third per cent over the highest previous 
enrollment in Yale’s history (in 1915). This increase was not 
deliberately sought, but resulted from the greatly enlarged 
number of applicants with which Yale, in common with every 
educational institution in the United States, was flooded fol- 
lowing the World War. It seemed obligatory that Yale should 
do its share in meeting this unprecedented national demand 
for higher education, particularly since the majority of the ap- 

plicants were of an unusually high type. 
This eighty-four per cent increase in enrollment since the 
War was accompanied by a seventy-four per cent increase in 
our endowment resources. In 1919 the total productive en- 
dowment of the University was $23,283,121. In 1925 it had 
risen to $41,646,983, as compared with Harvard’s endowment 
of over $69,000,000. But the purchasing power of the dollar 
has diminished to such an extent that our gain in productive 


endowment is proportionally far less than our gain in enroll- 
ment and physical resources. | 

As aresult of sharply advanced salaries all along the line 
and higher prices for all services, our annual expenditures, 
despite the practice of the utmost economy, have more than 
doubled during this period. In 1919 our expenditures were 
$1,982,864. In 1925 they were $4,348,563. (In the same year 
Harvard’s expenditures were reported to be more than 
$6,500,000 and Columbia’s expenditures more than 
$10,000,000.) 

Thus while our productive endowment has increased seven- 
ty-four per cent since the War, our annual expenditures have 
increased more than one hundred and nineteen per cent. The 
result is that the University is not able to live within its in- 
come from tuition and endowment, and, were it not for the 
support of the alumni, would incur a large annual deficit. 
This fact has for some years given me increasing concern. 


A sound fiscal policy demands, in my judgment, that a Uni- 
versity should live within its income without depending too 
largely on annual gifts for current expenses. No well ordered 
program can be carried on in the face of the limitation and 
uncertainty caused by the threat of a large annual deficit. 
Ever since the War our major reliance for averting a def- 
icit has, as you know, been the annual gifts of the alumni 
through the Alumni Fund. In the year 1918-1919, when the 
University was faced with a grave economic crisis due to price 
increases running up often as much as one hundred per cent 
over the pre-war level, the alumni came to our aid ina man- 
ner that was heartening to the University authorities in the 


A University 
Should Live 
Within Its 
Income. 


deepest degree. In that year, influenced largely by the extra- 
ordinary energy and devotion of the men in charge of the 
Fund, they added to the principal of the Alumni Fund the sum 
of $333,648, and gave $304,294 to Yale’s income. Since then 
they have continued to contribute with a loyalty and on a scale 
which has been the envy of other universities. While their an- 
nual gifts to principal have decreased, the gifts to income have 
remained nearly the same. These annual contributions of our 
alumni constitute one of the great assets of the University 
not only financially but particularly from a moral point of 
view. 

Nevertheless, it has long been my feeling that an undue 
degree of dependence on the generosity of our alumni to pre- 
vent annual deficits is unwholesome, both for them and for 
us. While I take no exception to a portion of their annual 
contributions going to meet current expenses, I feel that this 
should never be so largea fraction of the necessary University 
income as to introduce a dangerous uncertainty as to our abil- 
ity to close any year with a balanced budget. I am quite clear 
that Yale would make more sustained progress if the mass of 
these annual gifts were directed either to the increase of the 
principal of the Alumni Fund or to finance essentially new 
projects representing improvements in the methods by which 
the University carries on its work. 

The need for support of this kind is permanent and press- 
ing. A university which is not perpetually improving is, if not 
dead, at least moribund. The additional endowment which we 
seck will enable the University, to a much larger extent than 
ever before, to apply the Alumni Fund to these constructive 
purposes. 


In the conduct of our work we are committed to a pro- A Survey of 
gram of bringing every department up to the highest stand- Our Educa- 
atd of educational excellence. This means that we must pay tional Needs. 
more nearly adequate salaries to our teachers, that we must 
substantially increase the number of our faculty, and that we 
must provide greater facilities for the library, for scientific re- 
search and for publication. We must do this not only in order 
that we may provide the best facilities for our students, but 
also in order that we may secure and retain the best teachers 
in every field. | 
I fully realize the responsibility involved in appealing to 
the alumni and other friends of Yale to support a program 
calling for additional resources of twenty million dollars. But 
I would be assuming a far greater responsibility did I not 
take all those who have at heart the welfare of Yale fully into 
my confidence regarding the exact situation at the University. 
The sum in question will enable us to meet only our bare 
minimum educational needs. It is based upon detailed esti- 
mates made by the chairmen of the different departments. 
These estimates have been analyzed and checked by the sev- 
eral Deans and assembled and harmonized by the Provost. 
They represent a forecast of what will be required in the nor- 
mal development of the policies of education now in effect 
or in definite contemplation rather than for purposes of ex- 
pansion into new fields of activity. 


The greater part of this increased endowment is needed for 
a two-fold purpose, the importance of which I cannot too 
strongly emphasize—namely, to provide more nearly ade- 


To Pay More 
Nearly 
Adequate 
Salaries to 
Our Teachers. 


quate compensation to our teachers, and to increase their 
number. . 

The obligation to pay adequate salaries to our teachers is 
not only a matter of simple fairness to those whom we have 
entrusted with the high responsibility of molding the mind 
and character of our students, but is indispensable to the 
continued excellence of our educational work. (The lower 
rank of our teachers receive salaries which compare unfavor- 
ably with those of manual labor.) We must be in a position to 
promote, within a reasonable length of time, men who have 
demonstrated their merit to a level of compensation which 
will permit them to live in comfort and dignity. 

Such men are constantly receiving attractive offers from 
other universities, and if we do not advance their salaries they 
can remain with us only ata personal sacrifice which we have 
no right to ask. We cannot let them go without destroying 
the morale of our teaching force and the quality of our 
teaching. 

Salaries at Yale are somewhat lower than those at certain 
other universities. For example, our most highly paid men 
receive salaries as large as those paid at Harvard, but Harvard 
has many more men on the highest level and the lower 
tanks are appreciably better paid than our own. This is true 
all the way from the instructor grade up. Experience shows 
that we are not always in a position to hold our own either 
in getting or in keeping the men of highest distinction, so 
far as salary considerations affect the matter. 

Our salaries should be such that we are in a position to pro- 
vide teachers of outstanding ability in every grade for all our 
students. 


” a 
f 
j 


/ 


The obligation to increase the number of the faculty is dic- To Increase 
tated by the necessity of maintaining a sound ratio between the Number of 
the number of students and the number of the faculty. On Our Faculty. 
the adequacy of our supply of teachers depends our ability to 

make available to each student the measure of faculty atten- 

tion necessary for his highest educational development. The 

recent movement in American education has been steadily 

toward smaller instructional groups, and we are committed 

to this policy at Yale. 


The Corporation several years ago decided on a policy of Attendance 
strict limitation of attendance—combined with intensive im- Limited, 
provement of the quality of the University’s work. Attend- Tuition 
ance in the Freshman Year has been limited to 850, thus re- Increased. 
stricting the enrollment of the College and of the Sheffield 
Scientific School; total attendance in the School of Medicine 
has been limited to 200, in the Department of Architecture 
to 95, and attendance in other professional schools will be lim- 
ited in the near future. 
In the belief that the student body should bear as large a 
share of the burden of University expenses as it can without 
undue hardship, the Corporation increased tuition rates in 
the undergraduate schools from $250 to $300 in 1920, and 
from $300 to $350 in 1926. Simultaneously, the University 
has increased its scholarship awards in order to maintain the 
traditional opportunity for the student of moderate means 
to make his way at Yale. 
As a further step to restrict overhead costs from mounting 
unduly, the Corporation has adopted the policy of accepting 
no gifts of buildings unless they are accompanied by an ade- 


The Status of 
the Sterling 
Bequest. 


Alumni 
Leaders 
Endorse 
Appeal for 


Endowment. 


quate endowment for maintenance. While this does not en- 
tirely eliminate the increase of operating expense caused by 
the erection of new buildings (excepting for dormitories, 
which are income producing) it very materially reduces it. 


Before discussing the steps taken in reaching our decision 
to make a wide-spread appeal to our alumni and friends for 
additional endowment, I should like to clear away a misap- 
prehension which many alumni seem to have regarding the 
resoutces still to be expected from the bequest of the late John 
W. Sterling, ’64. 

The Sterling Bequest was, as you know, designed primarily 
to provide new buildings for the University. Under the terms 
of the will, however, the Trustees have the authority in their 
discretion to add “to some extent” to our endowment for the 
“foundation of scholarships, fellowships, and lectureships, 
the endowment of new professorships, and the establishment 
of special funds for prizes.” This the Trustees have generously 
done from time to time. It will be seen, however, that this 
great legacy is largely restricted in its provisions. 

Should any further grants be made for these special pur- 
poses, they will be usefully absorbed in meeting needs not in- 
cluded in the budgetary statement, which covers only the 
minimum requirements of the University. 


When, about a year ago, I became aware of the extent of 
our needs, although the precise figure had not then been de- 
termined, I decided, as you know, to consult with a number 
of leaders of our alumni and secure their advice as to whether 
it would be proper to make a general appeal for a substantial 
addition to our endowment funds. 


f 
f 
f 


I was led all the more to take this step because I foresaw a 
very real danger—namely, that if such an appeal should actu- 
ally be made, it might, unless care were taken, conflict with 
and perhaps injure the operation of the Alumni Fund, which 
of course must be preserved in full integrity because of its in- 
dispensable service to Yale. 

Accordingly I laid the whole problem before a representa- 
tive group of our alumni, including several recent chairmen 
of the Alumni University Fund Association. After making a 
detailed statement of our situation, I asked them first, whether 
it was wise to undertake a financial campaign; if so, whether 
this was the time; and third, if such a campaign were entered 
upon, whether it would be apt to jeopardize the vitality of the 
Alumni Fund. The response was practically unanimous that 
it was desirable to initiate a campaign of this character and 
that, because of favorable economic conditions, it ought to 
be done as soon as possible; and finally, the unanimous judg- 
ment of the representatives of the Alumni Fund Association 
who wete present was that any possible decrease in gifts to 
the Fund for a year or two would be more than made up aft- 
erwards as a result of the educational value of the campaign 
itself. 

I therefore came out of this alumni meeting with a very 
enthusiastic endorsement of the idea of making a widespread 
public appeal for whatever sum might be determined upon. 


I personally believe that the present time offers us a te- 
markable opportunity to establish Yale in a sound financial 
position. The American people have never before shown so 
wide and far-sighted an interest in higher education. Not only 


The Century 
of University 
Endowment. 


have there been new colleges established by the score within 
the last fifty years, but the great state universities have, in this 
period, come into unprecedented power and importance. Per- 
haps most striking of all has been the creation of a group of 
great universities founded by private benefaction on a scale 
never before attempted. Cornell, Johns Hopkins, Stanford, 
Chicago and recently Duke University in North Carolina rep- 
resent an entirely new chapter in American history. The older 
foundations like Yale and Harvard and Princeton and Colum- 
bia have likewise been the beneficiaries of a generosity pre- 
viously unknown. At the present time Princeton is engaged 
in an effort to secure twenty million dollars which is well on 
its way to completion, while Harvard has just recently suc- 
ceeded in adding twenty-five million dollars to her resources. 

Hundreds of millions of dollars have gone into higher ed- 
ucation in this period. So generously have our people given 
to these institutions that the last half of the nineteenth cen- 
tury and the first half of the twentieth century may well come 
to be characterized in history as the great period of university 
endowment in the United States. The conditions resemble 
those of the fifteenth and sixteenth centuries. Both on the 
continent and in England there have been periods of great 
interest in the universities during which they flourished and 
grew in power, followed by periods of almost total apathy. 
If we neglect our present opportunity, we may later suffer 
from a similar shift of public interest to other social enter- 
prises, to the grave disadvantage of Yale. 


During the years to come the country will count on ser- 
vice from Yale in a manner commensurate with more than 


two centuries of intellectual and spiritual leadership. We must 
continue to develop, as I see it, as a national university. We 
must do so because this is the historic policy of Yale, because 
university training is needed to meet the requirements of our 
age, and because under modern conditions Yale College, the 
Sheffield Scientific School and the Freshman Year, our three 
undergraduate divisions, can attain their highest development 
only as part of a great university. We must continue to wel- 
come students from all parts of the United States and from 
foreign countries as well, and we must continue to select our 
students without regard to their wealth or poverty, but solely 
on the basis of character and ability. In this student body we 
shall extend a particularly warm welcome to the sons of for- 
mer Yale men. 


From its early years Yale has conceived it to be part of her 
obligation as an educational institution to provide technical 
and graduate training for scholars and professional men. Three 
of our professional schools—the School of Medicine, the Di- 
vinity School and the School of Law—are, as you know, more 
than one hundred years old; and Yale was the first institution 
in the United States to confer the Ph.D. degree. 

Our present age of specialization, with its enormously com- 
plex machinery of living, calls for a more intensive develop- 
ment of post-graduate work than has been needed in any past 
eta. We have made great strides in developing our profes- 
sional schools to meet this situation. Our School of Law is 
coming to be recognized as second to none in the country; 
our School of Medicine has risen to front rank; and our other 


Yale Must 
Continue to 
Develop as a 
National 
University. 


University 
Training is 
Needed to 
Meet Requite- 
ments of Era. 


The Growth 
of Yale 
College and 
the Sheffield 
Scientific 
School 
Depends on 
the Growth 
of the 
University. 


professional schools are maintaining their already distinguished 
positions. 


In the future, as in the past, Yale College will be the cen- 
ter of the University, of which it was the forerunner. Her 
ideals, traditions and customs permeate the life of all our 
schools and will continue to do so. During the past half-cen- 
tury the Sheffield Scientific School has acquired an enviable 
position in science and engineering. These two undergradu- — 
ate schools are the nucleus of our university life. To maintain 
Yale College and the Sheffield Scientific School at their best 
and to ensure them a future worthy of their past, is a major 
purpose in seeking increased resources. To accomplish this 
end we must simultaneously develop to its fullest extent the 
work of the University as a whole. 

Under modern conditions we cannot secure the highest 
quality of scholarship if our faculty is confined to instruction 
in undergraduate subjects. Capable teachers usually desire the 
additional opportunity of instructing the maturer minds to 
be found in the Graduate School and the professional schools. 
Then, too, the Graduate School furnishes the training of new 
teachers for our own undergraduates. The supply of such new 
teachers is all too slender in this country and it is an inestim- 
able privilege to have first call on the services of those who 
take post-graduate degrees in our own Graduate School. We 
cannot attract the most desirable teachers unless we have the 
most complete equipment for study and research. It will 
therefore be seen that we can provide the best education in 
Yale College and the Sheffield Scientific School and the Fresh- 
man Year, and they can attain their fullest development, only 
in so far as they belong to a great university. 


Our development as a university should, in my judgment, yale’s Policy 
take the direction of continuous improvement of the quality Must be to 
of our work rather than of indefinite increase of the number Foster 
of our students and the range of our activities. All American Individual 
universities have of recent years been flooded with students. Excellence. 
Some by choice, others by compulsion, have adopted the pol- 
icy of accepting all qualified candidates who apply. Having 
limited our attendance at Yale, we are free to devote our en- 
ergies wholly to making what we have the very best. It is our 
belief that we can thus most effectively bring about the attain- 
ment of individual excellence on the part of our students and 
best foster, in their purest and most disinterested forms, schol- 
arship, research, literature, science and the arts. 
No one who is familiar with Yale’s history, much less her 
alumni, will for a moment tolerate the idea of our following 
any other course. We can content ourselves with nothing less 
than the highest standard of educational excellence, and we 
must maintain our financial resources at a level which will 
make it possible for us to attain this standard. 
The obtaining of at least twenty million dollars in gifts 
from our alumni and friends seems to me essential for the 
safeguarding of Yale’s present and future welfare. Indeed, un- 
less such further endowment is given to the University by her 
graduates and other friends, it will be impossible for Yale to 
maintain the position among the universities of the world 
which she has won through the active cooperation of her 
alumni and other supporters in the past and which all of her 
friends today are naturally eager to have her hold. 
The unfailing support which thealumniand friends of Yale 
have always given upon every occasion of her need leads me 


to feel the utmost confidence that, when they clearly and fully 
appreciate the unprecedented opportunity just before her, they 
will rally with enthusiasm to the task of securing the resources 
required for the realization of her great ideals. 

Very sincerely yours, 


OTTO T. BANNARD, Esq., 
Chairman, Yale Endowment Fund, 
National Headquarters, 

Yale Club, New York. 


APPENDIX 


“PROPOSED ALLOCATION OF THE TWENTY MILLION 
‘DOLLAR ENDOWMENT FUND 


FOR IMPROVEMENT IN UNDERGRADUATE INSTRUCTION $12,750,000 


AREFULLY matured plans for improving still further the character and 

quality of the teaching of undergraduate students at Yale require substan- 
tial increases of permanent endowment in Yale College, the Sheffield Scientific 
School, the Freshman Year and the Graduate School, on which we rely largely 
for teachers in our undergraduate work. In preparing these plans the educa- 
tional needs of these four divisions of the University have naturally been con- 
sidered together. They could not indeed have well been wholly separated. 
Many of Yale’s teachers give instruction in more than one school. Most of the 
professors in the Graduate School teach also in the College or the Scientific 
School, and there is now a wide interchange of instruction between the Scien- 
tific School and the College. All of these divisions or schools are increasingly 
dependent upon each other, to such an extent that if the Graduate School 
should be abolished a large part of its teachers would have to be retained in the 
other schools and fully one-half of the present cost of the Graduate School be 
borne by them in order to maintain the continuity and excellence of their edu- 
cational work. 

The new resources which are sought are essential in order to maintain and 
improve the quality of personnel of the instructional force by a more liberal 
recognition in salary of men of high merit and by increase of the proportion 
of mature and experienced teachers; to increase the number of teachers in or- 
der to carry out the policy of giving proper individual attention to the students; 
to add certain courses where necessary to fill evident gaps and thus to round 
Out a consistent program of study, to improve the methods of instruction par- 
ticularly by extending the use of various devices to stimulate scholarship; to 
strengthen the work of scholarly research on the part of the members of the 
staff; and to provide the facilities necessary to enable the University to perform 
her most effective service. 

It is believed that the increased requirements of the undergraduate schools 


and the Graduate School will be met by an added endowment of $12,750,000 
which might be apportioned as follows: 


Yale College . . : ; : ¥ $3,750,000 
Sheffield Scientific School . ; $3,750,000 
Endowment for University Professorships and 

for the Graduate School : $2,500,000 
The Freshman Year ; $1,500,000 


Endowment for Undergraduate instruction in 
the Fine Arts and Music, and for the main- 
tenance and care of Yale’s priceless art col- 
lections and of the galleries where these are 
housed é ; : : : $1,250,000 


$12,750,000 


FOR OTHER UNDERGRADUATE NEEDS $500,000 


T has always been a source of satisfaction and pride to Yale men that so large 

a proportion of Yale undergraduates (over a third at this time) are self-sup- 
porting students, dependent wholly or in large part on their own efforts to earn 
the money required to meet the cost of securing a college education. Through 
the Bureau of Appointments these men are aided each year, not only by the 
award of scholarships, but also through positions obtained for them. Total stu- 
dent earnings reported last year amounted to over $415,000. There is need for 
additional scholarship funds and also for general endowment for the Bureau 
of Appointments, of at least $250,000. 

Through the establishment of the Department of University Health the Uni- 
versity has in recent years done far more than is generally realized for the care 
of the health of all its students, and particularly of the undergraduates. This 
Department has clearly demonstrated that it not only needs but deserves addi- 
tional endowment of at least $250,000. Some idea of the measure of its activ- 
ity and usefulness may be gained from the mere statement that over 37,000 ex- 
aminations were made by it last year. 


FOR ENDOWMENT OF THE UNIVERSITY LIBRARY $3,500,000 


HE Library is Yale’s greatest educational asset. Its proper development is 

essential if the University is to be able to call and retain the best teachers. 
Such development cannot be dependent upon annual gifts or yearly appropri- 
ations of fluctuating amounts, but must be assured through increased perma- 
nent endowment for the care and increase of the great collections. 

The work of all schools and departments is dependent upon the character 
of the material in the Library and on the efficiency of the organization in mak- 
ing the books available for use. The needs of the Library are, therefore, really 
the needs of the College and of Yale’s various schools, and this should be borne 
in mind in allocating funds that may be given for general educational purposes. 
The Library at the present time is undermanned and inadequately endowed. 
Largely increased resources are imperatively needed to provide the service re- 
quired by the different schools and departments of the University. The build- 
ing of the new Sterling Memorial Library will give Yale one of the greatest li- 
brary buildings in the world. Its completion will of course, necessitate further 
additions to the corps of expert librarians, cataloguers and assistants, which un- 
der the terms of the will, cannot be provided from the Sterling bequest. The 
pledge by the Sterling Trustees of the entire amount required for the erection of 
the new Library, now estimated at $6,500,000 and of a further sum for the main- 
tenance of this is an epochal event in Yale’s history. Yale’s graduates and other 
friends can best evidence their appreciation of the opportunity thus given to 
the University by themselves now giving at least $3,500,000 for endowment of 
the Library, which must have such additional resources if it is to take proper 
advantage of the opportunity before it. 


FOR IMPROVING STILL FURTHER INSTRUCTION IN LAW, 
MEDICINE, DIVINITY AND FORESTRY $3,250,000 


HE plans for the further development of these four professional schools 

have met with the enthusiastic approval and endorsement both of the 
Corporation’s Committee on Educational Policy and of other interested grad- 
uates of Yale College and the Sheffield Scientific School who have been con- 
sulted. Through the proper development of these four schools, three of them 
over a century in age, Yale will be enabled to render national service of con- 
stantly increasing value. For such development there is urgent need of ad- 
ditional endowment for the improvement of instruction, for strengthening the 


curriculum, for publication and library funds and for research. The University 
in requesting increased endowment of $3,250,000 to meet the most immediate 
and pressing needs of the professional schools would not wish to have it thought 
that this amount will finance their complete requirements. Indeed it should be 
stated that the Deans of these four Schools estimate that the funds required to 
enable them to meet the opportunities for their greatest service would amount 
to far more than this sum. It is believed, however, that with $3,250,000 the 
most critical needs may be met and that, as in the case of the building program, 
the further development of these professional schools may be provided for by 
special gifts and bequests. 


SUMMARY OF YALE*’S PRESENT MINIMUM FINANCIAL NEEDS 


$20,000,000 
Endowment for Improvement in Undergraduate Instruction: 
Yale College ; f : 2 $3,750,000 
Sheffield Scientific School ; : : 3,750,000 
University Professorships and Graduate School —_ 2,500,000 
The Freshman Year : 1,500,000 
Undergraduate Instruction in ae eee Arts 440 
Music, and for the Maintenance of Yale’s 
Galleries . ‘ ; 4 ; ; 1,250,000 $12,750,000 
Endowment for other Undergraduate Needs: 
Bureau of Appointments : , ; 250,000 
Department of University Health . 250,000 500,000 
Endowment for the Library ’ : . 3,500,000 3,500,000 


Endowment for Improving Still Further Instruc- 
tion in Law, Medicine, ee te) and 
Forestry . ‘ : ; : 3,250,000 3,250,000 


Total $20,000,000 


Printed by the Yale University “Press 
at the Earl Trumbull Williams Memorial 
New Haven, Connecticut 


